SINGAPORE: The CBOT soybean July contract may test a support at $14.92-1/4 per bushel, with a good chance of breaking below this level and falling into $14.60-1/4 to $14.80-1/4.

The contract is riding on a wave c, which is capable of travelling into the range of $14.60-1/4 to $14.92-1/4. The current fall does not seem to end around $$14.92-1/4, as the contract has approached this level the second time.

Resistance is at $15.12-1/4, a break above which could lead to a gain to $15.24-1/2.

On the daily chart, the contract is expected to retreat towards the lower channel line, which establishes a support around $14.70.

The uptrend is expected to resume upon the completion of the correction.

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